American History II - Unit 5
Prosperity, Depression, and the New Deal
Terms in this set (48)
when the gov't buys crops a fixed price and sells them on the world market.
proposed in the McNary-Haugen Bill but was vetoed by Coolidge
an arrangement in which consumers agree to buy now and pay later for goods... led to large consumer debt
Buying stocks and bonds on the chance of a quick profit, ignoring the risks.
Buying on margin
Paying a small percentage of stock's price upfront, then borrowing the rest or putting it on credit
Dow Joes Industrial Average
Measure based on the average of 30 representative large firms in the NY Stock Exchange. Very high in the 1920s.
October 29, 1929, the stock market crashes, people who bought stocks on credit were stuck with huge debts, other lost most of their savings.
A period of declining real GDP, accompanied by lower real income and higher unemployment.
A long-term economic state characterized by unemployment and low prices and low levels of trade and investment (worse than a recession)
The Great Depression
the period between 1929-1940 in which the economy plummeted and unemployment skyrocketed.
banks failed, businesses went bankrupt, unemployment soared.
Hawley-Smoot Tariff Act
1930, established the highest protective tariff in US history.
designed to protect American farmers and manufacturers from foreign competition.
had the opposite effect - American goods not sold abroad, unemployment increased.
Causes of the Great Depression
1. Farming crisis
2. Tariffs and war debts that cut down foreign market for American goods
3. Availability and abuse of credit
4. Unequal distribution of income
little towns consisting of shacks
cash payments or food provided by the government to the poor
the region in TX, OK, KS, CO, and NM that was made worthless for farming by drought and dust storms during the 1930s
Federal Home Loan Bank Act
1932, lowered mortgage rates from homeowners and allowed farmers to refinance their farm loans.
Group of WWI vets. that marched to D.C. in 1932 to demand the immediate payment of their goverment war bonuses in cash
Reconstruction Finance Corporation
Agency established in 1932 to provide emergency relief to large businesses, insurance companies, and banks.
The 3 R's of the New Deal
relief, recovery, reform
established the Federal Deposit Insurance Corporation (FDIC) and included banking reforms, some of which were designed to control speculation
Federal Securities Act
regulated the stock market, required corporations to publish all stock offerings and made them liable for misrepresentations.
FDR's program to alleviate the problems of the Great Depression, focusin on relief for the needy, economic recovery, and financial reform.
Agricultural Adjustment Act (AAA)
1933, paid farmers to leave a portion of land unseeded and kill livestock
Civilian Conservation Corps (CCC)
1933 - 1942: 3 million jobs provided for young men aged 18-25
National Industrial Recovery Act (NIRA)
1933, money to states to create jobs chiefly in the construction of schools and other community buildings
spending more money that the gov't receives in revenue
Works Progress Administration
New Deal agency that helped create jobs for those that needed them. It created around 9 million jobs working on bridges, roads, and buildings.
National Youth Administration
(NYA) provided education jobs counseling and recreation for young people. part time positions at schools for students allowed for aid in h.s. college and grad school. part time jobs for drop outs
reestablished the National Industrial Recovery Act (NIRA)
protected workers rights to join unions and participate in collective bargaining
Social Security Act
1935, old age insurance for retirees and spouses, unemployment compensation, aid to families with dependent children and the disabled
New Deal Coalition
an alignment of diverse groups dedicated to supporting the Democratic Party
Federal Deposit Insurance Corporation (FDIC)
insured bank accounts due to loss of faith in banks during depression
Securities and Exchange Commission (SEC)
A government commission created by Congress to regulate the securities markets and protect investors.
National Labor Relations Board
protected right to form a union, bargain with their employer, and participate in concerted union activities
Tennessee Valley Authority (TVA)
focused on the badly depressed Tennessee River Valley, built and repaired dams to provide electricity and irrigation
Alfred E. Smith
Democrat candidate in 1928 election
Sec. of Commerce under Harding and Coolidge
Franklin Delano Roosevelt (FDR)
reform-minded, wanted to fix the problems of unemployment and poverty
Louisiana senator and preisdential hopeful
proposed a nationwide social program called Share-Our-Wealth
assassinated in 1935
played a major role in government, public and assertive first lady, active in women's rights, humanitarian efforts, and education reform
first female cabinet member
FDR's Sec. of Labor
Mary LcLeod Bethune
Appointed to the NYA to head the Division of Negro Affairs
helped to organize the "Black Cabinet"
Popular movies in 1930s
Gone with the Wind, Wizard of Oz, Snow White
Head of the Bureau of Indian Affairs who introduced the Indian New Deal and pushed congress to pass Indian Reorganization Act of 1934
produced a radio news hoax based on H.G. Wells' War of the Worlds
American painter, famous painting of farmer man and woman called American Gothic
1930s singer, traveled the country in search of better times and sung about his hardships
African American writer, wrote Native Son
wrote Grapes of Wrath
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